27 November, Corriere della Sera
Yves Saint Laurent will eventually arrive in Galleria in Milan. The appeals of the two competitors that didn’t adjudicate the space in Galleria Vittorio Emanuele were rejected by the Lombardy Regional Administrative Court (Tar). The French brand beat the competitors with its commercial offer, having responded to the starting price of 131 thousand euro with a bid close to one million euro. The space is currently occupied by Nara Camicie and has a surface of 80 Sq m. It was put on the market by the city administration with an 18-year lease to be adjudged based in the most convenient commercial offer.
The bid saw the initial participation of 16 competitors, then reduced to 13 after the exclusion of three companies which turned out not being compliant from a technical point of view. The French Maison finally won the bid. Two other brands appealed for the adjudication of the bid. The claimants are the shoe brand Moreschi and the glassware company Luxottica. Both requested the annulment of the bid. According to the claimants, the City of Milan was biased in judging the technical and commercial offer of the competitor. However, the judge deemed the claims “unfounded, as the elements of the judgment were not unreasonable”.
Yves Saint Laurent is not the first making an exceptionally high bid for Galleria. In 2013 Prada won by offering 9 million a year against a starting price of 3.6 million. In 2012 Louis Vuitton offered 930 thousand euro against 337 thousand; Seven Stars Gallerie Italia bid 150 thousand euro in 2012 against 14 thousand; in 2013 Town House offered 331 thousand euro against the initial 32 thousand. More recently, in 2017 Dutti offered 3.1 million euro against 977 thousand. This year the jeweller Currado relaunched with 700 euro against a starting price of 231 thousand to keep its space.
Source: Corriere della Sera
Translator: Cristina Ambrosi